Jason Ekberg, Global Digital Assets lead at Oliver Wyman, explores how crypto is transforming financial services and what’s needed for TradFi to embrace blockchain innovation.
In 2025, The Paypers is diving deep into Web3 payments to help businesses and consumers confidently leverage options like stablecoins, tokens, and CBDCs for faster, more efficient transactions both domestically and globally.
Continuing our video interview series on blockchain-based payments, we had an exciting discussion about bridging the gap between TradFi and DeFi. This idea was sparked by Jason Ekberg’s insightful piece, Will Crypto Cross the Chasm?, which explores how blockchain is seen as a transformational technology capable of reshaping how virtual and real assets are represented, owned, and transferred.
But what exactly do TradFi and DeFi refer to? Jason explains that TradFi (Traditional Finance) encompasses banks, third-party payment providers, and institutions operating within an account-based financial system. In contrast, DeFi (Decentralised Finance) includes blockchain-native entities such as Uniswap, Circle, Tether, and Coinbase—companies that operate within a decentralised, blockchain-based environment.
These two financial worlds are now converging in payments, supported by regulatory developments and political backing. Jason sees significant opportunities for blockchain in financial services, particularly in banking (retail and especially wholesale payments). He highlights four key dimensions where crypto technologies are helping bridge the gap:
Crypto as an asset class – Crypto is emerging as a legitimate investment category.
Blockchain for payments – Offering 24/7, fast, secure, and cost-effective transactions without intermediaries.
Tokenisation – Enabling digital representation of assets like funds, bonds, and commodities, improving liquidity, transparency, and accessibility.
Blockchain-native clients – Companies with crypto- and blockchain-centric business models (e.g., Coinbase, Riot Blockchain, Consensys) are evolving into a viable client segment for traditional financial services.
Jason believes crypto is poised to transition from early adoption to mainstream acceptance, driven by strong support from the new US. administration. Speaking of regulation, we also touched on MiCA and the development of a euro-based stablecoin.
We wrapped up with key crypto trends to watch in 2025. While crypto may not dominate retail payments just yet, there is a growing segment of users eager to pay with digital assets. Expanding acceptance and building crypto payment infrastructure will be crucial themes moving forward.
For the full discussion, be sure to watch the interview—let us know your thoughts and insights!
About Jason Ekberg
Jason is a partner of Corporate and Institutional Banking (CIB) practice at Oliver Wyman. Within CIB, he focuses on advising senior management, investors, and regulators on a range of topics spanning business strategy, transformation topics, and digital innovation.
With over 20+ years’ experience, Jason has worked on projects across all major financial centers globally and 30 separate countries with specific Asia expertise in Greater China and South East Asia (SEA). He has led multiple sector ecosystem platform builds across the region while also working hand in hand with his clients to digital enable and transform their business.
About Oliver Wyman
Oliver Wyman is a global leader in management consulting. With offices in more than 70 cities across 30 countries, Oliver Wyman combines deep industry knowledge with specialised expertise in strategy, operations, risk management, and organization transformation. The firm has 7,000 professionals around the world who work with clients to optimize their business, improve their operations and risk profile, and accelerate their organizational performance to seize the most attractive opportunities. Oliver Wyman is a business of Marsh McLennan [NYSE: MMC].
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